Short Interest in Promis Neurosciences (NASDAQ:PMN) Rises By 27.2%

Promis Neurosciences (NASDAQ:PMN) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 172,334 shares, an increase of 27.2% from the March 15th total of 135,444 shares. Currently, 8.3% of the company’s stock are short sold. Based on an average daily volume of 34,571 shares, the days-to-cover ratio is presently 5.0 days.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PMN shares. Guggenheim decreased their target price on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Finally, Wall Street Zen cut Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $42.67.

Promis Neurosciences Price Performance

NASDAQ PMN traded down $0.31 on Friday, reaching $11.53. The stock had a trading volume of 35,545 shares, compared to its average volume of 36,415. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75. The business’s 50-day moving average price is $16.57 and its 200 day moving average price is $12.12.

Insider Buying and Selling

In other Promis Neurosciences news, major shareholder Abg Management Ltd. bought 700,741 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was purchased at an average price of $12.13 per share, for a total transaction of $8,499,988.33. Following the completion of the purchase, the insider directly owned 943,090 shares in the company, valued at $11,439,681.70. This trade represents a 289.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eugene Williams bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were acquired at an average price of $24.00 per share, with a total value of $48,000.00. Following the purchase, the director owned 12,397 shares of the company’s stock, valued at $297,528. The trade was a 19.24% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 705,370 shares of company stock worth $8,595,523 over the last 90 days. 3.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Promis Neurosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ally Bridge Group NY LLC lifted its holdings in shares of Promis Neurosciences by 367.1% during the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after purchasing an additional 4,899,069 shares during the period. Citadel Advisors LLC grew its holdings in Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after acquiring an additional 106,650 shares during the period. Finally, Armistice Capital LLC increased its holdings in shares of Promis Neurosciences by 39.1% in the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after purchasing an additional 836,622 shares in the last quarter. Hedge funds and other institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Company Profile

Promis Neurosciences, Inc is a clinical‐stage biopharmaceutical company focused on the discovery and development of novel therapeutics for central nervous system disorders. The company’s research programs target cognitive impairment and other neurological symptoms associated with diseases such as Alzheimer’s disease and multiple sclerosis.

Leveraging a proprietary small‐molecule discovery platform, Promis Neurosciences advances both preclinical and early clinical candidates designed to modulate neural pathways involved in memory, learning and neuroinflammation.